Sensex drops 191 points; Nifty ends near 17,000 level

The BSE benchmark Sensex tumbled 191 points on Friday, tracking losses in index-heavyweights HDFC twins, Kotak Bank and Axis Bank amid mixed cues from global markets.

After a choppy session, the 30-share index ended 190.97 points or 0.33% lower at 57,124.31. Similarly, the NSE Nifty declined 68.85 points or 0.40% to 17,003.75.

NTPC was the top loser in the Sensex pack, shedding around 3%, followed by M&M, Axis Bank, PowerGrid, Kotak Bank, Dr Reddy’s, Bajaj Finserv and HDFC.

On the other hand, HCL Tech, Tech Mahindra, Asian Paints, Wipro and Infosys were among the gainers.

“A range-bound day of trading ahead of Christmas ended the week as this month quite clearly belonged to the IT sector which stood tall amidst extreme volatility as cost-push inflation across sectors is keeping street worried on the impact in the hands of the consumer,” said S Ranganathan, Head of Research at LKP Securities.

While buoyancy in exports and tax collections coupled with the success of the PLI schemes are positives, there are many sectors where consolidation is waiting to happen which is where longer term investors need to focus on in the present corrective phase, he noted.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai and Tokyo were in the red.

Stock exchanges in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude dipped 0.10$ to $76.52 per barrel.